First West Virginia Bancorp, Inc. Announces Third Quarter 2008 Earnings

Net income for the third quarter of 2008 was reported at $521,905 or $.34 per share, compared to $579,613 or $.38 per share reported for the same period a year earlier. The decrease in earnings during the third quarter of 2008 compared to 2007 was primarily attributed to declines in net interest income and noninterest income, offset in part by decreases in noninterest expenses and in income taxes and the increase in the provision for loan losses. During the third quarter of 2008 over 2007, net interest income declined $19,524 or 1.0%, and was primarily due to the decrease in the interest earned on loans, offset in part by an increase in the interest earned on investment securities and the decrease in the interest paid on interest bearing liabilities. Noninterest income decreased $16,124 or 4.4% as compared to the same period in 2007 and was primarily due to the decrease in service charges and other fee income combined with change in the gains (losses) on sales of investment securities, offset in part by the increase in other operating income. Noninterest expenses were reduced $52,585 or 2.9% during the three month period ended September 30, 2008 as compared to the same period in 2007 primarily due to the decreases in salary and employee benefits expense and other operating expenses, offset in part by the increase in occupancy expenses.

For the nine months ended September 30, 2008, net income was reported at $1,669,463 or $1.09 per share compared to $1,501,031 or $.98 per share reported for the same period in 2007. The increase in net income for the nine months ended September 30, 2008 as compared to the same period in 2007 of $168,432 or 11.2% was primarily the result of the increases in net interest income and noninterest income combined with the decrease in noninterest expenses and the increase in the provision for loan losses offset in part by the increase in income tax expense. As compared to the same period in the prior year, net interest income increased $15,139 or .2%, primarily due to the increase in the income earned on investment securities and other interest income, offset in part by an increase in the interest expense paid on interest bearing liabilities combined with the decline in the interest and fees earned on loans. Noninterest income increased $142,654 or 14.2% primarily due to the change in the gains (losses) on sales of investment securities combined with the increase in other operating income, offset in part by the decrease in service charges and other fee income. Noninterest expenses declined $218,965 or 4.0% during the nine month period ended September 30, 2008 as compared to the same period in 2007 due to the decreases in salary and employee benefits expense and in other operating expenses, offset in part by a increase in occupancy expenses.

    FIRST WEST VIRGINIA BANCORP, INC. FINANCIAL HIGHLIGHTS

                                                 (Unaudited)
    (Dollars in thousands, except               September 30,    December 31,
      share and per share data)                        2008           2007

    AT PERIOD END
    Total Assets                                   $ 262,078      $ 253,187
    Total Deposits                                   209,891        203,127
    Total Loans                                      121,220        121,739
    Total Investment Securities                      107,506        106,647
    Shareholders' Equity                              27,177         27,215
    Shareholders' Equity Per Share of Common Stock     17.78          17.81



    (Unaudited, in thousands, except            September 30,    September 30,
     share and per share data)                         2008            2007


    FOR THE THREE MONTHS ENDED
    Net income                                           522            580
    Provision for Loan Losses                              -           (100)
    Earnings Per Share of Common Stock                   .34            .38
    Dividends Per Share of Common Stock                  .19            .19
    Return on Average Assets                            .79%           .91%
    Return on Average Equity                           7.56%          8.76%


    FOR THE NINE MONTHS ENDED
    Net income                                         1,669          1,501
    Provision for Loan Losses                              -           (100)
    Earnings Per Share of Common Stock                  1.09            .98
    Dividends Per Share of Common Stock                  .57            .57
    Return on Average Assets                            .87%           .79%
    Return on Average Equity                           8.20%          7.69%

    Average shares outstanding                     1,528,443      1,528,443

First West Virginia Bancorp, Inc. stock is traded on the American Stock Exchange under the symbol "FWV."

SOURCE First West Virginia Bancorp, Inc.

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